In our previous article, we explained what a business incubator is. However, we want to discuss incubators again because their value to businesses cannot be overstated, especially for companies trying to create new products and disrupt incumbents. However, the role of business startup and incubation has radically changed over the past decade.
According to the International Business Innovation Association, 93% of business incubators are non-profits. Today’s business incubators are no longer dominated by VC’s and entrepreneurs, but rather by an array of non-profits and large corporations trying to foster greater entrepreneurial spirit and help young people reach their dreams.
With that in mind, we thought we’d outline a list of different business incubator types to help you find the most appropriate one for your business.
The Different Types of Business Incubators Explained
There are several kinds of services that business incubators can offer. The most common include:
- Administrative support
- Physical office space
- Entrepreneurial mentorship
- Networking opportunities
- Marketing assistance
- Help with product development
- Funding (traditional loans, angel investors, VCs)
- Tech and IT support
- Patent and IP support
Which Type of Business Incubators is Right for my Business?
Selecting a business incubator will mostly depend on what services you require to scale. Most incubators will offer administrative support if you request it, although you should search for incubators who have funded businesses like yours before.
Generally, search for incubators whose mission matches your own and who has supported successful business in the past. If you need funding or physical space, consider going to more traditional forms of credit before sacrificing equity in your company for a service.
For more information about how Cloudshadow’s venture resources can help incubate your business get in touch with us, and we will set up a call to talk about your business needs.